Here are some general pros and cons of homeownership in Cerro Gordo, Illinois:

Pros:
- Affordable housing: The cost of buying a home in Cerro Gordo is generally lower compared to larger cities or more populous areas of the state.
- Peaceful lifestyle: Cerro Gordo is a small, rural community with a population of just over 1,300. For those who enjoy a slower pace of life and more space, this may be a desirable atmosphere.
- Strong sense of community: As a small village, Cerro Gordo has a close-knit community where people tend to know each other and look out for one another.

Cons:
- Limited amenities: As a rural area, Cerro Gordo may not have as many amenities or employment opportunities as larger cities or more developed areas. Residents may have to travel for basic necessities like grocery stores and healthcare facilities.
- Limited cultural activities: For those who enjoy fine dining, cultural events, and other urban attractions, Cerro Gordo may not offer as much as larger cities or more developed areas.
- Limited property appreciation: Home prices in rural areas tend to appreciate more slowly than in more urban areas. Therefore, if you are buying a home as an investment, it may not appreciate in value as quickly as a home in more developed areas.

Overall, the decision to buy a home in Cerro Gordo (or any location) depends on your individual needs, goals, and lifestyle preferences. It's important to research and weigh the pros and cons before making a decision.